Vietnamese restaurants operator Huy Vietnam Group has raised US$15 million from investors in Malaysia, Korea and Hong Kong.
The investors include private equity firm AIF Capital and Fortress Capital Asset Management.
Huy Vietnam Group, which currently runs more than 40 restaurants under the Mon Hue, Com Express and Pho Ong Hung brands, serving Vietnamese cuisine, plans to use the new funds to support expansion in Ho Chi Minh City and Hanoi.
“This Series B financing allows us to leverage our market leading position in Ho Chi Minh City and expand to Vietnam’s capital, Hanoi,” says Ky Huy, co-founder, chairman and CEO of Huy Vietnam.
Peter Amour, CEO of AIF Capital, adds, “We believe that Huy Vietnam has all the right ingredients to be the leader in the local Vietnamese restaurant sector.”
The Vietnamese culture of eating out will help the restaurant business continue boom.